Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The commercial court of Lille has pronounced the judicial liquidation of the clothing brand Camaïeu with the closure of its 514 shops and the dismissal of 2,600 employees.
The continuation plan presented by the current management, which provided for the closure of unprofitable shops and would have saved 500 jobs, was not accepted, in particular because the State refused to pay €48 million in aid, considering the continuation plan unrealistic. According to the current owner, a total of €79.2 million euros was needed over the next eight months to ensure, among other things, purchases for the autumn-winter season and prepare the spring collection. According to the owner, the retailer was unable to cope with a ruling by the Court of Cassation, which at the end of June ordered the retailers to pay the unpaid rent during the Covid period. The amount of these unpaid rents amounts to €70 million out of a total of €240 million in debts of the company.
Eurofound (2022), Camaïeu, Bankruptcy in France, factsheet number 107462, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107462.